The announcement arrives after a tumultuous two-plus years for the franchise, which began with the retirement of its longtime controversial name, included multiple investigations into allegations of workplace harassment and financial improprieties against Daniel Snyder and other former team executives and extended into the most recent home game, during which fans booed a video of Tanya Snyder and chanted, “Sell the team!”
Daniel Snyder has denied any allegations directly against him, and the team repeatedly has pledged its commitment to “a cultural transformation.” But the possibility of any change in ownership status had not been suggested publicly before Wednesday.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions,” the Commanders said in their statement. “The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL.”
While a sale of the team is only one of the possibilities, it may be the most viable option.
As the recent sale of the Denver Broncos demonstrated, interest among wealthy individuals and corporations in owning an NFL franchise remains extremely high given the rapidly escalating values of franchises, but the pool of buyers for a minority stake is small for the same reason. A 40 percent stake in the Commanders could cost as much as $1.8 billion, based on a 20 percent discount because it would include no decision-making authority. Snyder’s history of conflict and litigation with his business partners and top executives probably would be another consideration for potential investors.
